The Securities and Exchange Commission announced today that it has delayed consideration of final proxy vote disclosure rules for institutions that are Form 13F filers.
The commission had planned to vote on final rules on Tuesday at 11 a.m., but now states this item has been removed from the meeting agenda. The SEC did not explain why this agenda item had been removed, but the agency staff did note that: "At times, changes in Commission priorities require alterations in the scheduling of meeting items."
The long-awaited rules, which are mandated by Section 951 of the Dodd-Frank Act, will require 13F filers to annually disclose in Form N-PX filings how they cast their ballots on "say on pay" advisory votes, as well as the separate shareholder votes on "golden parachute" arrangements and the frequency of future "say on pay" votes.
As a result of this SEC delay, ISS has postponed its planned Regulatory Briefing on the disclosure rules. A new date for the briefing will be announced once the SEC schedules a new vote on the 13F rules.